Integer Holdings (ITGR) Q4 FY2023 earnings: revenue $413 million, up 10.9% on the year

Integer Holdings Corp. (ITGR) reported revenue of $413 million for Q4 FY2023, the quarter ended 31 December 2023, up 10.9% on the same quarter a year earlier. Net income was $26 million, up 45.5% on the year, and diluted earnings per share $0.78. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue$413 millionup 10.9%

Net income$26 millionup 45.5%

Diluted EPS$0.78

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	413	397	n/a	n/a
Cost of revenue	303	292	n/a	n/a
Gross profit	110	105	n/a	n/a
Gross margin	26.7%	26.5%	n/a
Research and development	13.3	14.1	n/a	n/a
Selling, general and administrative	45.8	41.4	n/a	n/a
Operating income	43.5	48.8	n/a	n/a
Operating margin	10.5%	12.3%	n/a
Interest expense	12.7	12.0	n/a	n/a
Pre-tax income	29.3	32.1	n/a	n/a
Income tax	3.0	5.1	n/a	n/a
Effective tax rate	10.1%	15.8%	n/a
Net income	26.4	27.3	n/a	n/a
Net margin	6.4%	6.9%	n/a
Diluted EPS	$0.78	$0.81	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	55.6	62.3	n/a	n/a
Capital expenditure	37.1	25.5	n/a	n/a
Free cash flow	18.5	36.8	n/a	n/a
Free cash flow margin	4.5%	9.3%	n/a
Cash from investing	-80.6	-25.4	n/a	n/a
Cash from financing	17.5	-43.1	n/a	n/a
Depreciation and amortisation	25.7	24.5	n/a	n/a
Share-based compensation	6.2	5.5	n/a	n/a
Diluted shares, weighted	34m	34m	n/a	n/a
Shares outstanding at period end	33m	33m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,519	1,463	n/a	n/a
Debt	960	941	n/a	n/a
Operating lease liabilities	72.3	57.3	n/a	n/a
Finance lease liabilities	10.4	7.5	n/a	n/a
Other liabilities	381	370	n/a	n/a
Total liabilities and equity	2,943	2,839	n/a	n/a
Fixed assets	408	364	n/a	n/a
Goodwill	1,011	980	n/a	n/a
Intangible assets	783	779	n/a	n/a
Cash and equivalents	23.7	32.1	n/a	n/a
Receivables	238	226	n/a	n/a
Inventory	240	232	n/a	n/a
Other assets	239	225	n/a	n/a
Total assets	2,943	2,839	n/a	n/a

Questions

What was Integer Holdings' revenue in Q4 FY2023?

Integer Holdings (ITGR) reported revenue of $413 million for Q4 FY2023, the quarter ended 31 December 2023, up 10.9% on the same quarter a year earlier.

How much did Integer Holdings earn in Q4 FY2023?

Net income for Q4 FY2023 was $26 million, up 45.5% on the year, and diluted earnings per share $0.78.

When did Integer Holdings report Q4 FY2023 results?

Integer Holdings filed its 10-K for the year that ended with the quarter on 20 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	397	413	408	428	431	449	437	476	468	472	440	464
Cost of revenue	292	303	300	311	315	333	317	347	342	347	330	351
Gross profit	105	110	108	117	117	117	120	129	126	125	110	113
Gross margin	26%	27%	27%	27%	27%	26%	28%	27%	27%	26%	25%	24%
R&D	14.1	13.3	15.3	15.6	11.9	10.6	14.2	14.2	10.9	10.1	16.2	11.3
SG&A	41.4	45.8	46.4	46.5	44.8	47.5	51.2	52.9	50.5	57.2	58.7	57.7
Operating income	48.8	43.5	38.7	54.5	58.0	57.0	49.6	59.3	56.4	55.9	31.9	34.5
Operating margin	12%	11%	9%	13%	13%	13%	11%	12%	12%	12%	7%	7%
Interest expense	12.0	12.7	14.7	14.6	14.6	13.2	14.8	9.8	9.4	9.3	9.7	10.1
Pre-tax income	32.1	29.3	24.8	40.0	43.4	39.3	-13.0	45.6	46.0	46.8	20.4	23.3
Tax rate	16%	10%	17%	22%	16%	16%	n/a	19%	14%	-4%	19%	-1%
Net income	27.3	26.4	20.5	31.2	35.4	32.7	-22.5	37.0	39.7	48.6	16.5	23.6
Net margin	7%	6%	5%	7%	8%	7%	-5%	8%	8%	10%	4%	5%
Diluted EPS	$0.81	$0.78	$0.59	$0.88	$0.99	$0.90	-$0.66	$1.04	$1.11	$1.38	$0.48	$0.69
Operating cash flow	62.3	55.6	23.2	47.2	71.5	63.2	31.3	43.9	65.6	55.4	24.7	59.7
Capital expenditure	25.5	37.1	29.1	31.2	26.0	19.1	25.2	19.0	19.3	27.5	24.0	22.7
Free cash flow	36.8	18.5	-5.8	16.1	45.5	44.1	6.1	24.9	46.3	27.9	0.7	37.0
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	50.0	0.0
Shares outstanding	33m	33m	34m	34m	34m	34m	35m	35m	35m	34m	34m	34m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 20 February 2024, accession 0001114483-24-000034: the filing on EDGAR. All of Integer Holdings Corp.'s filings: EDGAR company page.

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